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Laser Materials Market size to surpass $1.7 Billion by 2024

Published Date: June 9, 2017 Author: Global Market Insights, Inc.

Laser Materials Marketsizewill exceed USD 1.7 billion by 2024 according to a new research report by Global Market Insights, Inc.

Advancements in materials and technology will propel the product demand in the forecast period. Due to the light weight laser weapons and low-cost operation, the product has gained momentum military R&D. Another driving force behind the interest in laser materials include the technological need for tunable laser source. Vigorous growth is projected in R&D areas that will competently take advantage of the properties of laser radiation.

Replacement of non-laser technologies in medical industry has significantly boosted the laser materials market. The increased medical applications such as cosmetic procedures, diagnosis of diseases and tattoo removal have accelerated the use of laser treatments. The electronics and communication industry has noticeably profited from the laser technology in terms of speed and amount of data transfer, which will augment the product market in future.

In micro and macro machining applications such as fiber laser based cutting and direct diode, laser technology has shown a remarkable contribution which will escalate the growth of the laser materials market. The product has shown a high demand in welding industry which will continue to grow in the projected period. The implementation of ceramics as laser materials is projected to grow at a considerable CAGR of 9.1% in terms of revenue.

Rising demand of bulk data storage capacity is an important factor which has uplifted the demand for the product. Evolution of 3D printing has brought about a drastic change in the product market which is estimated to boom at a fast pace during the forecast timespan. Application of the laser technology in holographic displays is estimated to drive the laser materials market in future. The increasing advertisements and medical imaging will intensify the demand for the product. In materials processing, the laser technology is used for cutting of materials such as graphite, diamond, etc., which will lead to the product market expansion.

With constant evolution in composite materials and polymers, plastic technology is a forthcoming field in laser technology, which will augment the product market growth. Reduced laser prices coupled with improvement in reliability and lifespan will aid the market to expand. Instrument manufacturers are striving to make the mechanism of the devices easier, which will require less operator training and result in expansion of the laser materials market. Digitalization of information and internet services will primarily drive the laser materials market for the product in communication sector. In Europe, the product market will cross 25 kilo tons by 2024 for communication sector.

Asia Pacific dominates the product market trailed by North America. In the U.S., lasers receive a hefty amount of funding than other directed energy armaments which will propel the market for laser materials. Metals are anticipated to dominate the product market with a market share of over 45% by 2024. In Russia, the product demand will be driven by industrial laser for material processing.